Smartkarma Daily Briefs

For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome StarHub Ltd (STH SP)’s CEO, Mr. Nikhil Eapen.

In the upcoming webinar, Nikhil will share a short company presentation after which he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 17 September 2025, 17:00 SGT.

About StarHub

StarHub is a leading homegrown Singapore company that delivers world-class communications,
entertainment, and digital services. With their extensive fibre and wireless infrastructure and
global partnerships, they bring to people, homes and enterprises quality mobile and fixed
services, a broad suite of premium content, and a diverse range of communication solutions. They develop and deliver solutions incorporating artificial intelligence, cybersecurity, data analytics, Internet of Things, and robotics for corporate and government clients.

StarHub is committed to conducting their business sustainably and responsibly. StarHub is named among TIME’s World’s Most Sustainable Companies 2025 and ranked as the world’s most
sustainable wireless telecommunication provider on the Corporate Knights Global 100 (2025).
StarHub also ranks 187 on the FORTUNE Southeast Asia 500 in 2025. Listed on the Singapore
Exchange mainboard, StarHub is a component stock of the SGX iEdge Singapore Low Carbon
Index, iEdge-OCBC Singapore Low Carbon Select 50 Capped Index; as well as the FTSE4Good
Index series.

For more information on StarHub, please visit https://ir.starhub.com/

• The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
• The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.
• The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.

• On 11 Sep 2025 after the close, Hakuhodo Dy Holdings (2433 JP) announced a takeunder of Digital Holdings Inc (2389 JP) in MBO form. 
• Two major holders with 37% roll their stakes into new ownership in Hakuhodo Dy Holdings (2433 JP) and another 17+% probably just fall in line.
• Foreigners hold a lot. They may not like the takeunder. It is not clear who would buy this if Hakuhodo does not, or whether it is worth the hassle.

• Hanwha Systems Co Ltd (272210 KS) will be added to the MarketVector Global Defense Industry Index at the close on 19 September.
• The constituent change, float changes and capping changes result in an estimated one-way turnover of 3.1% resulting in a round-trip trade of US$437m.
• Inflows to the tracking ETF have slowed down but there could be more inflows after a period of consolidation in the underlying stocks.

• There is 1 add/delete for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index while there are no constituent changes for the MVIS Global Uranium & Nuclear Energy Index.
• Encore Energy (EU US) will replace Boss Energy (BOE AU) in the MarketVector Global Uranium and Nuclear Energy Infrastructure Index. 
• The round-trip trade across both indices is US$445m with capping changes resulting in much bigger flow for the MVIS Global Uranium & Nuclear Energy Index.

• There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
• Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. Taiwan Semiconductor (TSMC) – ADR (TSM US) is the largest impact passive sell. 
• There will be more flows in a lot of these stocks from Technology Select Sector SPDR (XLK US) at the close on Friday.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (12 to 26 September 2025).
• Our top 10 picks were up on average 7.4% from 29 August to 12 September, outperforming KOSPI which was up 6.6% in the same period.
• Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg Chem, and Lotte Tour Development.

• Lee slammed NPS’s logic, questioning its local equity cuts; Friday, the fund responded with ₩186.3bn net KOSPI buys — biggest since his inauguration.
• NPS sat out September’s rally, so Friday’s ₩186bn KOSPI buy looks like a reactive pivot to Lee’s comments, sparking local desks’ chatter and weekend buzz.
• KOSPI mid-caps with big NPS stakes (~5%+) could see short-term buying, as reactive flows follow Presidential Office chatter, with mid-caps below KRW 5tn offering the biggest price impact.

• Mitsubishi Electric’s $1 billion acquisition of Nozomi Networks is a strategic move to continue its transition from hardware manufacturing to a leading solutions provider in the expanding industrial cybersecurity market.
• This significant deal is expected to create growth and synergy by combining complementary strengths in operational technology (OT) security.
• The acquisition represents a major commitment to digital transformation, which is anticipated to have a positive impact on Mitsubishi Electric’s stock performance in the 5-10 year horizon.

• I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deals were discussed on Smartkarma this week: Mandom Corp (4917 JP) and Digital Holdings (2389 JP). Also, Evergrande Property Services (6666 HK) suspended pursuant to the Takeovers Code. 
• Key updates/news took place on PointsBet Holdings (PBH AU), Jilin Jiutai Rural Comm Bank (6122 HK), Topcon Corp (7732 JP), and Furukawa Battery (6937 JP).